Investors Inject Fresh Momentum as NGX Gains ₦4.32 Trillion in a Week — Strongest Performance in Months
Overview
The Nigerian stock market recorded a massive rebound last week as investors injected renewed confidence and liquidity into the market, driving the Nigerian Exchange (NGX) to its strongest performance in months.
The All-Share Index (ASI) surged 4.48% to close at 155,645.05 points, while the market capitalization jumped by ₦4.32 trillion, finishing the week at ₦98.793 trillion.
Market watchers attribute the impressive run to renewed foreign inflows, robust bank earnings, and a more stable macroeconomic environment.
Trading Activity in Focus
Market activity strengthened across all fronts:
• A total of 3.695 billion shares worth ₦129.89 billion were traded in 148,077 deals — a notable increase from the 2.422 billion shares valued at ₦76.62 billion exchanged the previous week.
• This represents one of the busiest trading weeks in recent months, underlining investors’ growing confidence in Nigerian equities.
Sector Highlights
1. Financial Services Sector
• Retained dominance on the activity chart, leading both in volume and value.
• 2.362 billion shares worth ₦54.38 billion were traded in 63,561 deals, representing 63.91% of total volume and 41.87% of total value.
• Key drivers included strong interest in tier-one bank stocks and improved market liquidity.
2. Oil & Gas Sector
• Came second with 551.52 million shares valued at ₦19.21 billion traded in 10,539 deals, buoyed by renewed activity in energy stocks.
3. Consumer Goods Sector
• Ranked third, with 180.90 million shares worth ₦13.28 billion exchanged in 19,428 deals.
Top Market Movers
Three stocks dominated trading during the week:
• Fidelity Bank Plc
• Japaul Gold and Ventures Plc
• Access Holdings Plc
Together, these accounted for 1.808 billion shares worth ₦27.89 billion across 10,817 deals — representing nearly half of total turnover volume and over 21% of total market value.
Daily Market Momentum
The bullish sentiment remained steady throughout the week:
• Monday (Oct 20): 415.04m shares worth ₦26.96bn traded.
• Tuesday (Oct 21): Volume rose to 551.91m shares valued at ₦20.54bn.
• Wednesday (Oct 22): 589.43m shares worth ₦23.97bn exchanged.
• Thursday (Oct 23): A strong 926.91m shares traded, worth ₦26.94bn.
• Friday (Oct 24): The week ended on a high with 1.21 billion shares worth ₦31.48 billion, confirming sustained investor optimism.
Indices Performance
While the overall market was bullish, not all sector indices followed suit.
Declines were recorded in:
• Banking Index: -1.35%
• Insurance Index: -1.10%
• AFR Bank Value Index: -1.89%
• AFR Dividend Yield Index: -1.12%
• NGX MERI Value Index: -0.03%
• NGX Sovereign Bond Index: -0.18%
All other indices closed higher, signaling broad-based optimism across the equities market.
Regulatory and Corporate Developments
1. Aso Savings & Loans Plc Trading Suspension Lifted
The NGX lifted the suspension placed on Aso Savings & Loans Plc after the company submitted all outstanding financial statements.
• The firm had been under suspension since July 2017.
• NGX confirmed compliance with Rule 3.3 of the Default Filing Rules, which mandates lifting suspension once all filings are up to date.
• Trading in Aso Savings shares resumed on October 22, 2025.
2. VFD Group Plc Rights Issue Activation
NGX also announced the activation of a trading code for VFD Group Plc’s Rights Issue, offering 5.07 billion ordinary shares of ₦0.50 each at ₦10.00 per share.
• The offer runs from October 15 to November 15, 2025.
• Ratio: 2 new shares for every 3 existing shares held as of August 8, 2025.
• Managed by Africa Prudential Registrars, the Rights Issue aims to boost VFD’s capital base and expand growth opportunities.
Analysts’ Insights
Market analysts described the ₦4.32 trillion gain as a strong indicator of renewed investor optimism, citing several factors:
• Improved macroeconomic conditions and policy clarity.
• Strong corporate earnings, especially from tier-one banks.
• Gradual return of foreign portfolio investors seeking undervalued Nigerian equities.
Many believe the rally could extend into the coming weeks, especially if upcoming earnings reports and policy stability continue to sustain investor confidence.
In Summary
The Nigerian Exchange closed the week on a powerful note, with the market gaining over ₦4 trillion and sentiment turning strongly bullish.
Despite minor sectoral pullbacks, the overall market tone remains optimistic — reflecting renewed investor trust, strong liquidity inflows, and confidence in Nigeria’s economic outlook.
The reinstatement of Aso Savings, VFD Group’s capital expansion, and heightened activity in financial and energy stocks all combined to make this one of the most impressive trading weeks of 2025 so far.
Overview
The Nigerian stock market recorded a massive rebound last week as investors injected renewed confidence and liquidity into the market, driving the Nigerian Exchange (NGX) to its strongest performance in months.
The All-Share Index (ASI) surged 4.48% to close at 155,645.05 points, while the market capitalization jumped by ₦4.32 trillion, finishing the week at ₦98.793 trillion.
Market watchers attribute the impressive run to renewed foreign inflows, robust bank earnings, and a more stable macroeconomic environment.
Trading Activity in Focus
Market activity strengthened across all fronts:
• A total of 3.695 billion shares worth ₦129.89 billion were traded in 148,077 deals — a notable increase from the 2.422 billion shares valued at ₦76.62 billion exchanged the previous week.
• This represents one of the busiest trading weeks in recent months, underlining investors’ growing confidence in Nigerian equities.
Sector Highlights
1. Financial Services Sector
• Retained dominance on the activity chart, leading both in volume and value.
• 2.362 billion shares worth ₦54.38 billion were traded in 63,561 deals, representing 63.91% of total volume and 41.87% of total value.
• Key drivers included strong interest in tier-one bank stocks and improved market liquidity.
2. Oil & Gas Sector
• Came second with 551.52 million shares valued at ₦19.21 billion traded in 10,539 deals, buoyed by renewed activity in energy stocks.
3. Consumer Goods Sector
• Ranked third, with 180.90 million shares worth ₦13.28 billion exchanged in 19,428 deals.
Top Market Movers
Three stocks dominated trading during the week:
• Fidelity Bank Plc
• Japaul Gold and Ventures Plc
• Access Holdings Plc
Together, these accounted for 1.808 billion shares worth ₦27.89 billion across 10,817 deals — representing nearly half of total turnover volume and over 21% of total market value.
Daily Market Momentum
The bullish sentiment remained steady throughout the week:
• Monday (Oct 20): 415.04m shares worth ₦26.96bn traded.
• Tuesday (Oct 21): Volume rose to 551.91m shares valued at ₦20.54bn.
• Wednesday (Oct 22): 589.43m shares worth ₦23.97bn exchanged.
• Thursday (Oct 23): A strong 926.91m shares traded, worth ₦26.94bn.
• Friday (Oct 24): The week ended on a high with 1.21 billion shares worth ₦31.48 billion, confirming sustained investor optimism.
Indices Performance
While the overall market was bullish, not all sector indices followed suit.
Declines were recorded in:
• Banking Index: -1.35%
• Insurance Index: -1.10%
• AFR Bank Value Index: -1.89%
• AFR Dividend Yield Index: -1.12%
• NGX MERI Value Index: -0.03%
• NGX Sovereign Bond Index: -0.18%
All other indices closed higher, signaling broad-based optimism across the equities market.
Regulatory and Corporate Developments
1. Aso Savings & Loans Plc Trading Suspension Lifted
The NGX lifted the suspension placed on Aso Savings & Loans Plc after the company submitted all outstanding financial statements.
• The firm had been under suspension since July 2017.
• NGX confirmed compliance with Rule 3.3 of the Default Filing Rules, which mandates lifting suspension once all filings are up to date.
• Trading in Aso Savings shares resumed on October 22, 2025.
2. VFD Group Plc Rights Issue Activation
NGX also announced the activation of a trading code for VFD Group Plc’s Rights Issue, offering 5.07 billion ordinary shares of ₦0.50 each at ₦10.00 per share.
• The offer runs from October 15 to November 15, 2025.
• Ratio: 2 new shares for every 3 existing shares held as of August 8, 2025.
• Managed by Africa Prudential Registrars, the Rights Issue aims to boost VFD’s capital base and expand growth opportunities.
Analysts’ Insights
Market analysts described the ₦4.32 trillion gain as a strong indicator of renewed investor optimism, citing several factors:
• Improved macroeconomic conditions and policy clarity.
• Strong corporate earnings, especially from tier-one banks.
• Gradual return of foreign portfolio investors seeking undervalued Nigerian equities.
Many believe the rally could extend into the coming weeks, especially if upcoming earnings reports and policy stability continue to sustain investor confidence.
In Summary
The Nigerian Exchange closed the week on a powerful note, with the market gaining over ₦4 trillion and sentiment turning strongly bullish.
Despite minor sectoral pullbacks, the overall market tone remains optimistic — reflecting renewed investor trust, strong liquidity inflows, and confidence in Nigeria’s economic outlook.
The reinstatement of Aso Savings, VFD Group’s capital expansion, and heightened activity in financial and energy stocks all combined to make this one of the most impressive trading weeks of 2025 so far.